GAMCO Asset Management (UK)

GAMCO's non-U.S. affiliate GAMCO Asset Management (UK) Limited provides products and services designed specifically for overseas investors. GAMCO does not offer these products or services outside their intended countries or regions, and purchase orders from U.S. investors will not be accepted, subject to limited exceptions.

The information available through accessing GAMCO Asset Management (UK) Limited has been prepared and is maintained by non-U.S. affiliates of GAMCO Investors, Inc. Access to this material by U.S. residents is for informational purposes only and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security under U.S. law. All content contained therein should be considered, and is subject to, the specific regulatory requirements under which GAMCO Asset Management (UK) Limited operates.

To reach the web site of a non-U.S. affiliate of GAMCO Investors, Inc., please click here.

Gabelli Japan, K.K.

GAMCO's non-U.S. affiliate Gabelli Japan, K.K. provides products and services designed specifically for overseas investors. GAMCO does not offer these products or services outside their intended countries or regions, and purchase orders from U.S. investors will not be accepted, subject to limited exceptions.

The information available through accessing Gabelli Japan, K.K. has been prepared and is maintained by non-U.S. affiliates of GAMCO Investors, Inc. Access to this material by U.S. residents is for informational purposes only and should not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security under U.S. law. All content contained therein should be considered, and is subject to, the specific regulatory requirements under which Gabelli Japan, K.K. operates.

To reach the web site of a non-U.S. affiliate of GAMCO Investors, Inc., please click here.

Objective

The Gabelli International Small Cap Fund primarily seeks to provide investors with appreciation of capital. Current income is a secondary objective of the Fund.

Principal Investment Strategies:
The Fund will invest primarily in a portfolio of common stocks of non-U.S. companies. In determining whether an issuer is a U.S. or
non-U.S. company, the Fund will consider various factors including its country of domicile, the primary stock exchange on which it
trades, the location from which the majority of its revenue comes, and its reporting currency. Under normal market conditions, the Fund
will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the stocks of “small cap companies.” The
Adviser currently characterizes small capitalization companies as those with total common stock market values of $3 billion or less at
the time of investment.

The Fund may invest in non-U.S. markets throughout the world, including emerging markets. The Fund considers emerging markets to
be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region,
Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least
five countries outside the U.S. There are no geographic limits on the Fund’s non-U.S. investments.

In selecting investments, the Adviser seeks issuers with a dominant market share or niche franchise in growing and/or consolidating
industries. The Adviser considers for purchase the stocks of small capitalization (capitalization is the price per share multiplied by the
number of shares outstanding) companies with experienced management, strong balance sheets, and rising free cash flow and earnings. The Adviser’s goal is to invest long term in the stocks of companies trading at reasonable market valuations relative to perceived economic worth.

Portfolio details

Returns represent past performance and do not guarantee future results. Current performance may be lower
or higher than the performance data quoted. Investment return and principal value will fluctuate so, upon
redemption, shares may be worth more or less than their original cost. To obtain the most recent month end
performance information and a prospectus, please call 800-GABELLI or visit www.gabelli.com

The Fund changed its name from The GAMCO Global Opportunity Fund to The Gabelli International Small Cap Fund on September 5, 2017. The Fund invests in foreign securities which involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic and political risks. Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you
sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose
money by investing in the Fund.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-GABELLI or visit www.gabelli.com.

The Gabelli Mutual Funds are distributed by G.distributors, LLC., a registered broker-dealer and member of FINRA.